Accountant told me to select Discretionary Trust as the organisation type for a testamentary trust, but previous answers suggest Deceased Estate? Which is correct? I need a TFN for a Testamentary Trust, accountant said its a discretionary trust and to select Trust Established by a will/deceased estate. I'm so confused. Please help with a step by step guide
Accountant can obtain TFN for you - that also gets the TFN onto accountant's tax list from the start, otherwise you will need to extra online work later.
Do it all the time.
Thankyou
Hi @anxiousoldie,
It can be confusing, but registering a testamentary trust doesn’t mean selecting 'deceased estate' again - they're treated as separate tax entities. The difference is about timing:
A deceased estate exists while the executor is administering the estate. If the estate earns income during this period, you apply for a TFN for the deceased estate.
A testamentary trust is a trust created by the will. Once assets are transferred into the trust and it starts operating, it needs its own TFN. From a tax perspective, a testamentary trust is usually treated as a trust established by a will and often operates like a discretionary trust.
If you’re unsure which stage you’re at, it usually comes down to whether the estate is still being administered or whether assets have already been transferred into the trust. The links above should help with guides and steps when it comes to estate planning.
Thankyou - I lodged the application for TFN on the ABR website (under guidance of accountant) - however have not been asked for any identification documents - does this happen at a later date or is my own TFN which I provided enough?
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